Canadian Manufacturing

OpenText to buy Zix in deal worth US$860M, including debt

Under the deal, Ontario-based OpenText will pay US$8.50 per share in cash for the company.

November 8, 2021  The Canadian Press

OpenText has signed a deal to buy U.S. company Zix Corp. Inc. in a deal valued at US$860 million, including debt.

Under the deal, Ontario-based OpenText will pay US$8.50 per share in cash for the company.

Zix specializes in cloud email security, threat protection and compliance cloud solutions for small and medium-sized businesses.

The deal follows a strategic review by Zix that was triggered by several unsolicited approaches.

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The offer requires more than two-thirds of Zix’s shares to be tendered to the bid as well as other regulatory approvals and customary closing conditions.

OpenText says holders of 31 per cent of Zix’s issued and outstanding shares have already agreed to tender to the offer.